Wheats traded higher out of the weekend, before fading through midday on Monday. Futures firmed up for the close leading to a mixed board across the U.S. market. Chicago futures ended with a ¼ to 2 ½ cent gain, while HRW futures were fractionally mixed to 1 ½ cents in the black. Spring wheat futures stayed in the red for the close, though by less than 1 ½ cents.
Weekly wheat export shipments were shown at 315,395 MT for the week that ended 3/21. That was a drop from 294.5k MT last week and was 89k MT behind the same week last year. Accumulated shipments were still 2.5 MMT behind last year’s pace with 14.167 MMT.
Pre-report surveys show analysts are looking for March 1 wheat stocks to come in at 1.05 bbu on average. The full range of ideas is from 1 billion to 1.08 billion bushels. That would be 106 mbu larger than Mar 1 stocks last year, following a 98 mbu looser yr/yr stock pile on Dec 1. Wheat acreage is estimated at 47.3 million acres vs 49.6m last year. Spring wheat is expected to be near 10.9m acres on average with ~1.7m expected for durum wheat.
May 24 CBOT Wheat closed at $5.55, up 1/4 cent,
Jul 24 CBOT Wheat closed at $5.70 3/4, up 1 1/4 cents,
May 24 KCBT Wheat closed at $5.89 1/2, down 1 cent,
Jul 24 KCBT Wheat closed at $5.85 1/2, up 3/4 cent,
May 24 MGEX Wheat closed at $6.59 1/2, down 1 1/2 cents,
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